Rye Miles #13621 Posted June 4 Posted June 4 Today I went to the bank to withdraw 5k in cash from my savings account. The teller said, “I’ll have to check with h the manager”. I said I don’t want to cause any trouble but why do you need to check, it’s MY money. She said they have to check and make sure they have it! This was 10:00 in the morning they open at 9:00! This is a relatively large bank and they may not have 5k cash? Seems like a paltry amount for a bank. Well I got it but it just seems weird to me. RANT OVER"……….🙄😳 4 1 Quote
Cypress Sun Posted June 4 Posted June 4 I've had the same thing happen with only $4,000. I asked the same question and received the same answer as you did....yet I've been in the same bank when someone was depositing $14,000 (mol) in cash wrapped with rubber bands. 1 Quote
Marshal Mo Hare, SASS #45984 Posted June 4 Posted June 4 I’ve done it, only problem was when I asked for unmarked bills. 7 Quote
Blackwater 53393 Posted June 4 Posted June 4 I bought Ol’ Green on a Saturday morning. I saved $1,500.00 by paying cash. I went to the “downtown” branch of my bank and they didn’t have the $10,000.00 that I needed. They sent me to my regular branch with a call ahead to make sure that they would have the cash and have it ready, since the bank closed at noon on Saturday. I wound up with a bag of cash with bundles of fifties, twenties, tens, and even ones!! My teller told me that they would have to have cash delivered from the main office in order to open on Monday!! 2 Quote
Elkhorn Ernie Posted June 4 Posted June 4 A place I work part time for has had the bank he does business with call him to see if he would be able to make a deposit. The reason was that they were short on larger bills. 1 Quote
Alpo Posted June 4 Posted June 4 Y'all need to find a different bank. The one time where I was taking large amounts of cash, I went down and took out 9,000 and they gave me 90 hundred-dollar bills. And the next day I went back 6,000 more. 60 hundred-dollar bills. I didn't give 'em any advanced notice. I just walked up and said I wanted to make a withdrawal. I did it over two days because I didn't think it was any of the irs's business. And if I had taken the whole 15K the bank would have told them. 2 Quote
Blackwater 53393 Posted June 4 Posted June 4 Thinking about that, our withdrawal was done before they started the reporting of large transactions to the Infernal Revenue Service! I’ve had that truck a long time!! Quote
Widder, SASS #59054 Posted June 4 Posted June 4 I went to my bank a couple months back and wanted to withdraw a couple K from my checking. THIRTY minutes later, one of the tellers comes out with my cash and I inquired what took so long. She said that MY money was in the back of the vault and they had to move TN Williams money out of the way before they could get to mine.......and it took THIRTY minutes for 2 employees to move his money. Another true story. ..........Widder 1 10 Quote
Cypress Sun Posted June 4 Posted June 4 1 minute ago, Widder, SASS #59054 said: I went to my bank a couple months back and wanted to withdraw a couple K from my checking. THIRTY minutes later, one of the tellers comes out with my cash and I inquired what took so long. She said that MY money was in the back of the vault and they had to move TN Williams money out of the way before they could get to mine.......and it took THIRTY minutes for 2 employees to move his money. Another true story. ..........Widder Why, was TN's money all in loose pennies? 1 1 7 Quote
Widder, SASS #59054 Posted June 4 Posted June 4 (edited) 3 minutes ago, Cypress Sun said: Why, was TN's money all in loose pennies? To hear ole TW tell it, he's so poor that if somebody tried to rob him..... they'd just be practicing. But strong rumor has it that Mr Trump has his number on speed dial. ..........Widder Edited June 4 by Widder, SASS #59054 8 Quote
Creeker, SASS #43022 Posted June 4 Posted June 4 38 minutes ago, Alpo said: Y'all need to find a different bank. The one time where I was taking large amounts of cash, I went down and took out 9,000 and they gave me 90 hundred-dollar bills. And the next day I went back 6,000 more. 60 hundred-dollar bills. I didn't give 'em any advanced notice. I just walked up and said I wanted to make a withdrawal. I did it over two days because I didn't think it was any of the irs's business. And if I had taken the whole 15K the bank would have told them. I absolutely assure you the IRS was notified. What you did is called structuring and the bank is required to report it - even if you were do so at different branches. All major banking companies actually report at $5k or more in deposit or withdrawal. Our business accounts get flagged from time to time because we have withdrawn cash in 4k increments multiple times over a day or two. 2 Quote
Widder, SASS #59054 Posted June 4 Posted June 4 JEDI Creeker, why does the IRS want to know? Do they have some agenda to penalize these folks? Hope you are doing well. ..........Widder Quote
Blackwater 53393 Posted June 4 Posted June 4 In retrospect, I figure many banks have policies that require them to move large deposits and stockpiles to a more secure central location. Then, the fact that much more banking is done electronically and by check these days would likely explain the more limited supply of paper money. As to the IRS meddling in the day to day movement of money, they’re looking for signs of tax evasion, money laundering, and the movement of cash for illicit purposes. Quote
Rye Miles #13621 Posted June 4 Author Posted June 4 It’s generally 10k or more but different banks may report 5k or more. https://themoneyknowhow.com/do-banks-report-cash-withdrawals/ 1 Quote
Rip Snorter Posted June 4 Posted June 4 I would bet there is a deliberate delay to be sure, or as sure as they can be that an older person isn't being scammed. Large cash withdrawls lend themselves to that. 1 Quote
Rye Miles #13621 Posted June 4 Author Posted June 4 (edited) I forgot to say in the original post that the teller asked “ ARE YOU BUYING A CAR OR SOMETHING”?I was ready to say “ None of your @#$&*() business but I told her I was having work done on my house and I’m getting a cash discount. What business is it of theirs? 😡 Edited June 4 by Rye Miles #13621 Quote
Blackwater 53393 Posted June 5 Posted June 5 6 minutes ago, Rye Miles #13621 said: I forgot to say in the original post that the teller asked “ ARE YOU BUYING A CAR OR SOMETHING”?I was ready to say “ None of your @#$&*() business but I told her I was having work done on my house and I’m getting a cash discount. What business is it of theirs? 😡 FACE IT, RYE!! Yer old and they want to make sure you ain’t falling for some scam in your dotage!! 🤣 1 Quote
Rip Snorter Posted June 5 Posted June 5 3 minutes ago, Rye Miles #13621 said: I forgot to say in the original post that the teller asked “ ARE YOU BUYING A CAR OR SOMETHING”?I was ready to say “ None of your @#$&*() business but I told her I was having work done on my house and I’m getting a cash discount. What business is it of theirs? 😡 My Wife paid a contractor cash for the last part of a job late in the year. He was starting his business and it was getting too cold to work outdoors. Spring came, He did not perform despite multiple contacts. We took him to court and won. His wages were garnisheed where he had gotten a regular job.. We got 2 payments and he skipped the state. In the hole for a few grand. Cash only on completion! 1 1 Quote
Texas Maverick Posted June 5 Posted June 5 59 minutes ago, Widder, SASS #59054 said: I went to my bank a couple months back and wanted to withdraw a couple K from my checking. THIRTY minutes later, one of the tellers comes out with my cash and I inquired what took so long. She said that MY money was in the back of the vault and they had to move TN Williams money out of the way before they could get to mine.......and it took THIRTY minutes for 2 employees to move his money. Another true story. ..........Widder I thought he kept all his money in his mattress. That is why it is so lumpy. TM 1 1 Quote
Cypress Sun Posted June 5 Posted June 5 33 minutes ago, Widder, SASS #59054 said: JEDI Creeker, why does the IRS want to know? Do they have some agenda to penalize these folks? Hope you are doing well. ..........Widder I'm not JEDI Creeker obviously but... This started in the early '70's due to stymie money laundering from the dope smugglers. It really got going in the mid '80's when the cocaine dealers (large amounts) started depositing huge amounts of cash into the banks. We're not talking a briefcase full of 100's, we're talking multiple giant duffle bags full of 100's. The IRS, and DEA, wanted to make money like that hard to hide and launder. 1 Quote
Texas Maverick Posted June 5 Posted June 5 (edited) When I was still in law enforcement I had a DEA agent tell me that if they checked most of the money that was in circulation that a high percentage would test positive for cocaine. He recommended after handling any money to wash your hands prior to eating just to be on the safe side. He said it wasn't a large amount but that traces were found on most bills these days, especially if it is an older bill that has been in circulation for a long time. TM Edited June 5 by Texas Maverick 1 Quote
Rip Snorter Posted June 5 Posted June 5 I use cash at the small rural businesses I patronize to increase their profit, so I usually carry a few hundred. The Hundreds and Fifties I get at the credit union are nearly always mint or nearly so. Rougher condition for the lower denominations, but not bad. Good suggestion though! Quote
Rye Miles #13621 Posted June 5 Author Posted June 5 56 minutes ago, Rip Snorter said: My Wife paid a contractor cash for the last part of a job late in the year. He was starting his business and it was getting too cold to work outdoors. Spring came, He did not perform despite multiple contacts. We took him to court and won. His wages were garnisheed where he had gotten a regular job.. We got 2 payments and he skipped the state. In the hole for a few grand. Cash only on completion! Oh yea that’s exactly what I did. I also had him sign the receipt of payment. These guys are well known around these parts and are honest and reliable. Otherwise I would have gone with a CC. 1 Quote
Irish Pat Posted June 5 Posted June 5 Every quarter we have all our employees watch security movies on Random Shooters, Bank Robbery, and elderly Abuse. Most banks don’t keep a lot of money on the teller line because of the chance of getting robbed. We probably have more problems with elderly abuse than anything. There are scams and family members that would take advantage of honest old people in a second. Good tellers are the first line of defense to keep them from getting beat out of cash 1 2 Quote
Creeker, SASS #43022 Posted June 5 Posted June 5 2 hours ago, Widder, SASS #59054 said: JEDI Creeker, why does the IRS want to know? Do they have some agenda to penalize these folks? Hope you are doing well. ..........Widder The Government does not like you having the ability to perform untracked and intra personal transactions. Because in their world - untracked either means illicit activity, criminal enterprises or even worse - un taxed. This is why your funds are tracked not only when the deposit is made (which while not ok - makes some kind of sense, if as claimed, is to combat money laundering) - but your funds are tracked when you withdraw large sums as well - which obviously is not money laundering as I'm reclaiming my own money inside their institution. Cash allows for freedom of movement and freedom of choice. Cash tracking from deposit or withdrawal is just another way to focus governmental over reach on an individual that "might" be doing something that they don't approve of. 1 2 Quote
Widder, SASS #59054 Posted June 5 Posted June 5 1 hour ago, Texas Maverick said: When I was still in law enforcement I had a DEA agent tell me that if they checked most of the money that was in circulation that a high percentage would test positive for cocaine. He recommended after handling any money to wash your hands prior to eating just to be on the safe side. He said it wasn't a large amount but that traces were found on most bills these days, especially if it is an older bill that has been in circulation for a long time. TM I guess that's why they call it 'money laundering'..... ..........Widder 1 Quote
Dr. Zook Posted June 5 Posted June 5 (edited) 4 hours ago, Alpo said: Y'all need to find a different bank. The one time where I was taking large amounts of cash, I went down and took out 9,000 and they gave me 90 hundred-dollar bills. And the next day I went back 6,000 more. 60 hundred-dollar bills. I didn't give 'em any advanced notice. I just walked up and said I wanted to make a withdrawal. two questions Sir, #1 Was it during Covid while wearing a mask #2 Did you stop by the bank on your way home from a SASS match still in period attire? 🤣 Edited June 5 by Dr. Zook Quote
Dapper Dave Posted June 5 Posted June 5 (edited) Back in the day when I did armored trucking, it was rare for a branch to have more than $150,000 in cash at any one time. Do remember, this WAS 25 years ago, so perhaps that limit has dropped a wee bit. I had some that had MUCH more due to certain customers who made cash deposits, (not drug dealers, think utility companies and the like), and we would pick up these enormous MRE looking plastic bags full of cash to take to the vault. No, that branch isn't there anymore, and I ain't tellin' you where, so neener. VAULTS, on the other hand, they have a few shekels piled hither and yon...and some of them are fortresses. Not virtual, not fake, I mean actual "you ain't getting in without tanks" kind of fortresses...and you would never know it from the outside. AS for COVID, I joked with my bank that the sign USED to say no masks allowed, now it says everyone has to be masked! When they refused to take those signs down after COVID "ended", I found another bank. Edited June 5 by Dapper Dave spelling 1 Quote
Larsen E. Pettifogger, SASS #32933 Posted June 5 Posted June 5 (edited) Back in the "good old days" banks were required to maintain a certain level of reserves. (For decades this was 25%.) Starting in 2020 the requirement was dropped to zero. I remember when you could get $1,000 and $500 bills. Now the largest is $100 and if you take out more than a few thousand it is not all that uncommon for a branch bank to not have that many hundreds on hand. There have been several times in the past couple of years I could only get $3,000 or $4,000 in hundreds and had to leave with a mess of $20s to round out my $5,000 withdrawal. Cash is unfortunately going out of style. There are many businesses that no longer accept cash. And no, businesses are NOT required to accept cash. Again in 2019 or 2020 the Federal Reserve issued a ruling that businesses could take electronic payment in lieu of cash. This is from a Q&A on their website: Is it legal for a business in the United States to refuse cash as a form of payment? There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law that says otherwise. P.S. The State of Arizona, for example, has legislation pending requiring businesses to accept cash payments up to $100. It has not passed thr Arizona Senate. Edited June 5 by Larsen E. Pettifogger, SASS #32933 2 Quote
Texas Maverick Posted June 5 Posted June 5 This is why the guvment was pushing so hard for digital currency. This way they were in total control of ALL your money. They could turn off the system at anytime and you were just SOL getting any of your money back without their permission. TM Quote
Rye Miles #13621 Posted June 5 Author Posted June 5 It’s funny the bank doesn’t ask any questions if you deposit 5k cash! They may report it to the IRS but they take it with open arms! If you withdraw they almost act like it’s their money!😳 1 Quote
Rip Snorter Posted June 5 Posted June 5 I think they are only required to report $10K or apparent evasive behavior avoid the report. Quote
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